Metaverse, NFTs and Artificial Intelligence: Toward a Continued Intellectual Property Crisis in European Union Law

The present paper analyzes the legal classification of non-fungible tokens (NFTs) in European law, with particular reference to their potential status as digital works of art. After reconstructing the market’s evolution and the main legal controversies, this study challenges the interpretation of NFTs as mere digital certificates, arguing that, especially in native NFTs, the token can constitute the technical-legal basis through which the digital work is identified and circulated. The study addresses the tensions between tokens, underlying content and exploitation rights, focusing on the applicability of the exhaustion principle and the potential reshaping of rights in the context of digital resales. It also examines the critical issues arising from the lack of coordination between the regulation of crypto-assets, copyright and the regulation of artificial intelligence. It concludes that the shrinking market does not negate the cultural and legal relevance of the phenomenon, but requires a systematic realignment to ensure legal certainty and regulatory consistency.